PART FOURGENERAL PROVISIONS APPLICABLE TO THE FUNDS AND THE EMFF

TITLE IIX1FINANCIAL MANAGEMENT, PREPARATION, EXAMINATION AND ACCEPTANCE OF ACCOUNTS AND FINANCIAL CORRECTIONS

Annotations:

CHAPTER IIIFinancial corrections

Section IIFinancial corrections by the Commission

Article 147Repayment

X11.

Any repayment due to be made to the budget of the Union shall be effected before the due date indicated in the order for recovery drawn up in accordance with Article 78 of the Financial Regulation. The due date shall be the last day of the second month following the issuing of the order.

2

Any delay in effecting repayment shall give rise to interest on account of late payment, starting on the due date and ending on the date of actual payment. The rate of such interest shall be one-and-a-half percentage points above the rate applied by the European Central Bank in its main refinancing operations on the first working day of the month in which the due date falls.